This topic contains 0 replies, has 1 voice, and was last updated by Crystalynn Shelton 5 months, 1 week ago.
Crystalynn Shelton 5 months, 1 week ago
Hello FSB readers!
I received the following questions via email from one of our readers an I wanted to share both the questions and the responses with each of you, in case you have had similar questions:
Question: How do I put the balances from the former financial reports if this is the first time I’m using QB online?
Answer: You should enter the balances for all balance sheet accounts either in the account register or at the time you add the account to the chart of accounts. There is a field for opening balance. To access the register of an account, simply go to the chart of accounts, click the drop down to the right and select register. For all income and expense accounts you can create a journal entry to record the existing balances. The offset for all opening balances will go to Open Balance Equity. (This account will need to be cleared to Retained Earnings) once you are done entering all open balances.
Question: How do I set up tax rate eg VAT which is 18% in my jurisdiction?
Answer: VAT is treated like sales tax. You can go to the sales tax center and follow the instructions there to set this tax rate up properly.
Question: I wish to use the QB in our small tourism service company should I consider Essential or Plus?
Answer: Both Essentials and Plus will work for your small tourism service company. The primary difference between these two products is that Plus also includes budgeting tools, 1099 reporting and inventory tracking. If you don’t need any of these features then I would go with Essentials since it will save you a few bucks. You can check out all of the features, benefits and cost of these products in our QuickBooks Online Comparison guide: https://fitsmallbusiness.com/quickbooks-online-comparison/.
Question: How do I subscribe for the QB service, (modality of payment)
To subscribe to QuickBooks Online, you can sign up using our discount link below. They take all major credit cards.
Sign up for QuickBooks Online: https://fitsmallbusiness.com/goto/quickbooks-online/
Crystalynn Shelton, CPA0 Replies
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